Asked If Jeonse Is a System That 'Should Disappear,' President Responds: "When Did I Say That?"

At a press conference held by President Lee Jae-myung this morning (September 18) at the Cheong Wa Dae State Guest House.

Asked by a reporter whether he still thinks jeonse is a system that should disappear, the president responded as follows:

[Cheong Wa Dae Press Corps Reporter: In the past, Mr. President, you spoke regarding the jeonse system, calling it an unusual private financing system unique to South Korea that should gradually disappear. In that process, jeonse deposit prices have surged sharply, and the shift from jeonse to monthly rent is underway. In light of this, I would like to ask whether you, Mr. President, still think jeonse is a system that should disappear.]

[President: As I recall, I said it would disappear. I said it would disappear—when would I have said it should disappear? If so, the question loses its premise. Yes, I will replace my answer with that.]

In fact, President Lee expressed his views on the jeonse system during his one-year anniversary press conference in June as follows:

[Originally, as you all know, this thing called jeonse exists only in the Republic of Korea. It does not exist anywhere else in the world. It is a unique system that exists only in the Republic of Korea. This is a kind of private financing. Private financing. It is finance. It is a very peculiar financial technique. But now, it is on a downward trend.]

At the time, President Lee added, "Ultimately, I think it will gradually fade away," while pointing to the extensive provision of jeonse loans as a primary driver of rising housing prices.

Reported by Jung Da-eun | Video by Kim Ki-hyun | Graphics by Lee Soo-min | Produced by SBS Digital News
※ Please note: This article was translated by AI and may contain errors.